Oil and gas prices rise after tanker hit by missile in Strait of Hormuz

International benchmark Brent crude futures with September delivery were last seen trading 1.2% higher at $72.85 per barrel, paring earlier gains.

Prices were mixed early on Tuesday (July 7) with Brent crude futures down 0.18% to $71.99/barrel, even as Gulf oil producers ramp up crude exports amid the 60-day ceasefire.

The massive decline in oil prices over the past few weeks has gifted the Trump administration with some unexpected leverage in its ongoing negotiations with Iran.

U.S. Tech Futures Down, Oil Prices Rise on Ship Attacks Near Hormuz